Board Certified Specialist in Bankruptcy
It is common these days for one spouse to generally be unable to pay their debts as they become due, while the other spouse is not liable for those debts. In these situations, it is obvious that the former spouse needs to file a bankruptcy case in order to obtain a fresh start, but the latter spouse need not file. Factoring in household income and expenses Can one spouse file a bankruptcy case … [Read more...]
Clients and prospective clients almost always ask about the effect of their financial difficulties on their credit scores. This information is elusive. Finally, USAA has some guidance on how your score is determined and "hit."A myriad of variables combine to create a score:Your payment track record. How much you owe. How long you've had established credit. Whether or not you're … [Read more...]
If you're one of the (few) business owners who has managed to keep your financial head above water in this economy, here are some tips for making more headway with your credit worthiness. These tips, in particular, will help you navigate a downturn more easily:BNET says: Separate business and personal accounts. Log and submit all business payment activity under accounts that are exclusively … [Read more...]
There are scores of inaccurate beliefs about what happens to someone after they've received bankruptcy protection. What people read on the Internet, hear from friends and family, see in advertisements from “tax repair” services, “credit repair” services, “debt consolidation” services and the like is often (at best) misleading or misinformed, and (at worst) downright criminal.Here … [Read more...]
Q: I'm unemployed and will soon have to choose between paying the mortgage and paying my other debts. If the unemployment continues I'll have to choose between feeding my family and paying any bills at all, including the mortgage. What can I do to preserve my credit score while I look for a job and get back on track?A: There's no one-size-fits-all strategy. Within the past month, we've had … [Read more...]
The nonprofit Consumer Credit Counseling Service of Orange County produced an excellent video on how debt settlement works -- usually against you.We've written on this topic several times on our blog as well.If you decide to hire someone to help you settle, consolidate or otherwise manage your debts, then be very wary of companies that are advertising. Most of them draft various fees from … [Read more...]
Some people think they can tie their creditors' hands by ignoring requests for payment or by contesting their debts with a credit bureau. They also call our offices for help cleaning up their credit reports, which is not a service we offer.If you wish to dispute an entry to your credit report, we suggest you use this letter guide, provided courtesy of the Consumer Credit Counseling Service … [Read more...]
In the first part of this series, we covered the misleading things that businesses advertise on television, radio and elsewhere for "debt consolidation" or "debt settlement" services.If you decide to enter into an agreement with a creditor, or want to fix a bad credit score keep these five things in mind.How to proceed with the agreement Get the settlement terms, in writing, from the … [Read more...]
Hardly a day goes by without seeing on television, or hearing on the radio, a commercial for "debt consolidation" or "debt settlement" services. Often, the ad includes a statement to the effect that if you owe more than $10,000.00 in credit card debt, you have the "legal right" to settle for less. Further, we frequently see clients who have paid hundreds or even thousands of dollars to a debt … [Read more...]
People often call our offices for help cleaning up their credit reports. We suggest they use this letter, provided courtesy of the Consumer Credit Counseling Service of Orange County.We advise sending the letter to all three bureaus (Equifax, TransUnion, and Experian), by certified mail, return receipt requested, and including their SSN and full legal name in the re: line. Sample Credit … [Read more...]